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Subject: HOA Fees in Paid Through Mortgage?

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LilW
(Utah)

Posts:6

04/20/2006 12:26 PM
Our HOA had a real estate broker suggest we ammend the CC&R's to require that dues are paid out of escrow, similar to insurance. Theoretically this would almost eliminate dead beat payers but seemed too good to be true. Our attorney said he hadn't heard of this practice. Does anyone have any practical info?

LisaS
(Illinois)

Posts:339

04/23/2006 8:51 AM
I have been a Real estate agent for 10 years in two states and have never heard of this practice. Plus, I don't foresee any mortage holder/bank wanting to accept this responsibility for free....if at all. It doesn't add a benefit for them. It creates liability for them in the event of non-payment or loss.

RogerB
(Colorado)

Posts:3694

04/23/2006 9:38 AM
Mortgage companies did this 30-40 years ago but doubt many would do it today. And if still possible I doubt you could get the necessary approval to amend.

Roger Borcherding Official HOATalk.com Sponsor DARCO Property Management (Colorado) (303) 925-0150 *See legal notice below (end of page) or go to www.hoatalk.com/legal

CalvinC
(Florida)

Posts:20

04/26/2006 8:59 AM
I recently went to a community here in Florida where they still do this.

HaroldS
(Arizona)

Posts:904

04/26/2006 2:26 PM
That's an interesting concept to avoid delinquent payments. It should be made clear that all payments received be applied to the assessment only since that is what it is being collected for. I don't think these mortgage lenders would want to get involved in collecting sporadic fines. Wouldn't there be a charge for doing that? But probably cheaper than paying an MC to do it, and more certain of getting payment. But how many different mortgage lenders might be involved in your development? What if all would not offer this service? And there would still have to be a mechanism for collecting from free & clear properties with no mortgage. Harold

JulieS
(Georgia)

Posts:412

04/28/2006 11:46 AM
Yes, FL does do this. I'm sure it is paid the same way that insurance and property taxes are paid when collected through the mortgage. A guarantee of payment...wouldn't that be nice! This could also be an interesting twist with the increased popularity of POA's.

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Forums > Homeowner Association > HOA Discussions > HOA Fees in Paid Through Mortgage?

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